At Medvisor, our team of accountants has mentored a number of optometrists over the years through the various stages of their business life cycle, from the start of their practices through to the eventual sale. Our focus is to provide a range of business, accounting, and tax coaching services at affordable rates. We recognise how important compliance is, and we take a proactive approach to helping you grow personal wealth, revenues, and profits using tax effective strategies.
We minimise the cost of compliance starting with the correct accounting software. We match the needs of your optometry business, such as payroll, stock, invoicing, and bookkeeping, with your level of accounting skill, and will train your staff to use the software. Our accountants will assist you with the usual compliance issues such as BAS, superannuation, PAYG, and GST, as well as advising you on the best structure for your optometry business.
Our accountants take your income tax, the possible admission of new partners, asset protection, and any concessions regarding future discount capital gains tax into consideration when making recommendations regarding your business structure. We can advise you on an operational level on issues such as funding options for new equipment, retail shop fit-out, retail lease, and a car.
Starting a new optometry business in Melbourne
Optometry is one of our specialist client groups and our accountants have mentored many optometrists through the start-up phases of their businesses. If you are looking into starting an optometry business or buying into an existing one, there are many things to consider. You will need to establish a business structure, consider insurance, complete GST and tax registration, explore possible finance options, and select an accounting software program.
Our accountant for optometrists can assist you in navigating through these areas and provide advice on preparing a marketing plan, business plan, and a cash-flow budget. If you are considering employing staff, we can assist you with human resource matters such as superannuation guarantee obligations, payroll, and WorkCover.
At Medvisor, our accountants for optometrists have helped dozens of optometrists get their business off the ground. We can offer you our experience, marketing expertise, technical tax knowledge, and our knowledge of the optometry industry.
When starting a business, you need to have the right accounting software,tax structure, and the appropriate insurance, as well as a lead generation website and marketing plan. The business structure you choose is critical and there are several different options you can choose from including partnership, trust, company, and sole trader. We always recommend you start with your end-goal in mind when selecting the best structure for your business as Australian tax laws are complicated and making changes to your business structure can cause a capital gains tax that can prove costly later on.
When providing advice on business structures, our accountants always take into account:
- The risk profile of your industry
- New business partners or investors
- Income tax minimisation
- Maximise tax minimisation
- All legal requirements in your industry
- Any discount capital gains tax concessions entitlement
We have found that business structure can be compromised based on how much importance is given to each of these issues.
You will also need to choose an appropriate accounting software. Poor record-keeping is one of the main contributing factors of a business failing, as record-keeping allows you to make informed business decisions. Choosing the wrong software can lead to incorrect records, wasted time, and additional fees. We can give you a number of different tools to help you build your business including a start-up expense checklist, which can be broken down into several categories:
- Marketing and signature
- Professional advice and software
- Vehicle costs
- Tools and equipment
- Professional advice and software
Any possible establishment costs can be identified with our checklist, which will feed through atemplate cash-flow budget and let us design an estimated profit and loss statement. These reports will also fit into a template of your business plan, which is designed to help you secure funds from external sources. We can also offer you a business start-up checklist to walk you through key business registrations you might need, such as legal issues, domain name registration, insurance options, and branding.
If you are contemplating starting an optometry business, our accountants can do some financial modelling and prepare ‘what if’ calculations based on price points to find your business’s best and worst-case profit scenarios. We can use industry benchmarks to compare your performance against your competitors so you can see what is or isn’t working for your business.
Marketing your optometry business in Melbourne
Our accountants for optometrists understand that most optometrists rely on reputation and referrals to grow their business, and while this remains important, online marketing is becoming increasingly important in the digital age. Your website will be the first point of contact for many customers so it is important to make sure it is appealing and easy to use.
We have worked with a number of clients over the years to give them quality, low-cost websites that are compatible with smartphones and tablets. We will help you plan and build your website, assist you with content creation such as digital publishing and video production, and optimise it for search engines such as Google. We will help you build any features that are missing from your website such as calls to action, landing pages, and lead magnets, and we will introduce you to strategies like search engine optimisation and remarketing.
Your target market should be able to connect to your brand and we can help you to develop your logo and slogan, business name, corporate brochure, newsletter, and blogs as well as helping you use social media to get more referrals. Using all of these techniques can help your business reach its full potential.
Our accountants can help you understand the four best ways to grow your business and identify the key profit drivers of your business. We will walk you through strategies for profit improvement and assess the potential profit improvement in your business. We will make sure you know your numbers and don’t leave any tax or profits savings on the table.
Contact Medvisor to talk to one of our accountants or for more information on accountants for optometrists in Melbourne.